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Base rate change February 2022

Written by Suffolk Building Society

14 Feb 2022


Mortgages, Rate Change

4 min read

Following the announcement from the Bank of England on 3 February to increase the Base Rate by 0.25% to 0.50%, we can confirm we are implementing a partial rate change.

Our SVR will increase by 0.15% to 5.54%, effective 1 March 2022.

In addition to our SVR increase we are working to review our entire range of products to ensure these remain competitively priced. Further information will be sent by email when these changes take place.

If you have existing clients with a discount rate deal this will increase in line with the SVR change on 1 March 2022.

For clients with a Base Rate tracker mortgage the 0.25% Base Rate increase will be applied from 1 March 2022, in line with the terms and conditions.

Base rate changes and how this affects our SVR:

When we consider the impact of base rate changes we are mindful of both mortgage borrowers and savings members. On 1 March the partial 0.15% increase is being applied to our SVR and to the majority of variable rate savings accounts.

Whilst the base rate increased by 0.25% there have now been two rate increases in quick succession. We have been keen to take into consideration the interests of mortgage borrowers, especially at a time when other living costs are rising, and, being conscious of this squeeze on household budgets, have therefore agreed a partial increase.

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We sent this information by email to our subscribers. The email will have come from “[email protected]” which is our dedicated, no-reply email address for outbound communications (if you need to email us directly, please use [email protected] instead).

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